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Midwest HVAC News
Continental Materials Corp
Acquires American Wheatley and Global Flow Products.
CMC’s second acquisition this quarter – expands commercial
HVAC capabilities.
Continental Materials Corporation (“CMC”) (NYSE American: CUO),
today announces the acquisition of American Wheatley HVAC and Global
Flow Products (together “GFP”), based in Broken Arrow, Oklahoma.
This marks the second acquisition for CMC this quarter, continuing
its strategy to be a strong partner to family-owned businesses. With
this acquisition, CMC expands its commercial HVAC reach and
capabilities, and adds manufacturing expertise in a number of new
markets.
GFP is a family-owned business with over 40 years’ experience in
providing American Wheatley HVAC branded products, including a broad
line of ASME pressure vessels, custom fabricated products, valves,
strainers and other hydronic accessories, for discerning commercial
HVAC customers. With a focus on quality and accreditations, GFP has
shown consistent service to its customers over four decades. Dan
Llewellyn, the President and owner of GFP, will remain with the
business along with all the employees.
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“The acquisition of
GFP expands our product offering in the HVAC market sector and
provides an opportunity for long term growth,” Ryan Sullivan,
Chief Operating Officer of CMC, said. “We continue to seek
U.S.-based manufacturing companies to acquire and are delighted
to have found in GFP, a well-managed high quality family
business that fits our strategy. We look forward to working with
Dan and investing in GFP through the upcoming years.”
“I am excited to be partnering with CMC,” Llewellyn said. “Their
flexibility throughout the process, their focus on long term
investing, along with their operational strengths and
appreciation for family businesses, distinguished them as I
evaluated the best fit for my family and business. I am
confident CMC will help drive GFP to its full potential,
creating greater value for our customers and opportunities for
our employees.”
Terms of the transaction were not disclosed.
About Continental Materials Corporation
Founded in 1954, Continental Materials Corporation is a public
holding company with subsidiaries in industrial and residential
heating and cooling manufacturing, commercial door distribution
and manufacturing and aggregates mining and processing.
Headquartered in Chicago, IL, CMC employs approx. 450 employees
across the US.
Forward-Looking Statements
CMC’s expectations and beliefs concerning the future contained
in this news release are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements reflect management’s current expectations and
involve a number of risks and uncertainties. Forward-looking
statements generally can be identified by the use of words such
as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,”
“believe,” “forecast,” “guidance” or words of similar meaning.
Actual results may differ materially from such statements due to
a variety of factors that could adversely affect CMC’s operating
results. The factors include, but are not limited to: general
economic and market conditions; the effectiveness of
post-acquisition integration efforts; and market risks and price
fluctuations related to the purchase of commodities. Additional
information concerning factors that could cause actual results
to differ materially from those suggested in the forward-looking
statements is contained in CMC’s Annual Report on Form 10-K for
the year ended December 29, 2018 filed with the Securities and
Exchange Commission, as the same may be amended from time to
time.
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